Recalling old currency-notes: A step in right direction desired to be taken after every five years

MADHU AGRAWAL
Guinness Record Holder for letters in Newspapers

It refers to Reserve Bank of India (RBI) recalling old currency-notes issued before the year 2005 on which year of print was not mentioned. Step is a welcome one not only to check large fake currency in the system, but also to curb unaccounted money. RBI should take some similar step after every five years, simultaneously by changing design and colour of currency after every five years.

Since notes of denominations of rupees one, two and five are no longer being printed, RBI should issue an altogether new series of currency in smaller size also to reduce cost of printing currency. Sizes of currency-notes were last time reduced about half-a-century back when notes of rupees one and two were quite common in circulation.

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